Question

Short Answer Type Questions
What is marketing? What functions does it play with process of exchange of goods and services? Explain.

Answer 1

“Business is not financial science, it’s about trading, buying and selling. It’s about creating a product or service so good that people will pay for it.” — Anta Roddick

Traditionally marketing has been described in terms of its functions or activities. In this respect, marketing has been referred to as performance of business activities that direct the flow of goods and services from producers to consumers. We know that mostly manufacturing firms do not produce goods for their own consumption but for the consumption or use by others. Therefore, to move the goods and services from producers to consumers,number of activities such as product designing or merchandising, packaging, warehousing, transportation, branding, selling, advertising and pricing are required. All these activities are referred to as marketing activities.

Taking the social perspective, Phillip Kolter has defined marketing as, “a social process by which individual groups obtain what they need and want through creating offerings and freely exchanging products and services of value with others”.